Russia to ban mining and use of crypto

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Russia is currently the 3rd largest country in terms of crypto mining power. Yet, the Bank of Russia is preparing to implement a series of measures to ban a large portion of cryptocurrencies from the territory. Mining in Russia is likely to follow the same path as in China.

Mining farm russie After Asia, Russia seems determined to first of all, prohibit crypto-currency mining on its territory, but also stop and deter any transaction involving the sale and purchase of crypto to fund fiat currency.

End of mining in Russia, like in China?

For the moment, the government has not pronounced any restrictions on the possession of crypto-currency. Because it seems that the spread of the use of cryptos is a fundamental movement difficult to stop. The real motivation for these decisions could be found in the dramatic increase in energy consumption that is plaguing parts of the country. In August, Russia accounted for 11.2% of the world’s “hashrate”. The main farms are located in Siberia and the increase in global electricity consumption is creating a need for additional production. This need is met by fossil fuel power plants. The other aspect not to be overlooked in understanding the Russian position is that the government has been working for some time on its own crypto, a digital ruble. The latter is an additional form of the Russian national currency that will be issued by the Bank of Russia. It combines the properties of cash and book money. In 2022, the regulator plans to conduct the first test phase of the digital ruble, to ensure its success, the state may seek to make it indispensable…

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